The quality management standards bring important changes to the way professional accountancy firms are expected to manage quality for audits, reviews, and other assurance and related services engagements. They include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality.
The new standards intend to improve engagement quality through:
Modernizing the standards for an evolving and increasingly complex environment, including addressing the impact of technology, networks, and use of external service providers
Increasing firm leadership responsibilities and accountability, and improving firm governance
More rigorous monitoring of quality management systems and remediating deficiencies
Enhancing the engagement partner’s responsibility for audit engagement leadership and audit quality; and
Addressing the robustness of engagement quality reviews, including engagement selection, documentation, and performance.
Design, implement and operate a system of quality management
Read and understand the new quality management standards
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Demonstrate compliance with the new quality management standards to increase your firm's competitive advantage and build trust with clients and stakeholders
